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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. Which scenario is an example of the placement stage of money laundering?

A) A multiple lax refund scheme fraudster transfers the proceeds of his illicit tax refund from a prepaid debit card to a foreign bank account through an online funds transfer service
B) A Mexican money broker deploys couriers across the U S border where they deposit drug cash into the U S National Bank of San Diego
C) A money laundering organization moves illicit drug proceeds into the U S financial system through a wire transfer into the correspondent account of a Guatemalan Bank domiciled at a U S financial institution
D) A Ponzi scheme operator uses his debit card associated with his British Virgin Islands bank account to withdraw cash from an ATM machine in the U.S.

2. One of the tasks for an employee of a U S bank is to administer overseas large value drafts. The employee receives a draft from Country X that is identified as a high-risk and non-cooperative jurisdiction by the FATF According lo the FATF 40 Recommendations, which action should the employee take?

A) Request additional documentation to get a deeper understanding about the payer and the origin of the funds
B) Verify the transaction's basic data according to the bank's international operations manual
C) Since the draft was issued in a non-cooperative country block the transaction
D) Conduct an investigation according to the money laundering and the financing of terrorism norms/rules enforced and adopted by Country X

3. Company A required capital to purchase wholesale consumer products to resell to retail outlets Company A solicited working capital by offering investors promissory notes in exchange for borrowed funds. The promissory notes promised a high annual interest rate of 14% Company A paid the promised 14% returns and a commission from the new funds received from later investors No wholesale products were purchased with the investors funds and there was no underlying business.
Which type of fraud is being described?

A) Advanced Fee scheme
B) Pyramid scheme
C) Ponzi scheme
D) Pump and dump scheme

4. Your bank is considering entering into a correspondent relationship with a respondent bank Your bank does not have any existing business relationship with this respondent bank and has never worked with the respondent bank in the past.
Based upon FATF Recommendations which statement is true?

A) Your bank is required to conduct enhanced due diligence on the respondent bank which includes conducting due diligence on customers of the respondent bank
B) Your bank should not enter into a correspondent relationship with the respondent bank if it is a small local or regional bank because of the inherent risk concerns with these institutions
C) Your bank is required to gather information to understand the respondent's business reputation quality of its supervision and anti-money laundering and counter-terrorist financing controls
D) Your bank is required to apply the same due diligence measures to this respondent bank that it has applied when evaluating respondent banks in other jurisdictions lo avoid inequitable practices

5. A large financial institution provides both analysis and research services and investment management services. An analyst is preparing to publicly release a major report that may impact the stock prices of several large corporations. The analyst has contacted a senior compliance officer saying that one of the institution's traders has requested an advance copy of Ihe report. The analyst believes the report may allow the trader to make trades that will benefit several of his clients. The analyst is asking for advice on how to proceed.
Which course of action should be taken in this scenario?

A) The trader's request is a breach of ethics requiring disciplinary action The trader could receive penalties including not being allowed to conduct trades on behalf of his clients for several business days
B) The analyst should not share the full report However she can request more details on the trader's clients and trading positions and provide limited information tailored to those circumstances
C) The analyst should share the full report as long as the trader signs a disclosure that he will not trade on his clients' accounts based on this information
D) The analyst should not provide the full report until it is publicly released through widely accessible channelsatthat point the report can also be shared with traders inside the institution

Solutions: